Tag: Skipton Building Society
-
Skipton Sets New BSA Requirements
Skipton Building Society have made a number of recent changes to their P2 Handbook instructions. In answer to the question ‘Does the lender have any specific instructions about building safety?’ the new instructions are as follows: ‘Our Offer has been made on the basis that the building is of a construction type (i.e. traditional masonry)…
-
Search Insurance : What The Mortgage Lender Says
In the last 18 months 12 lenders have changed their Part 2 Handbook instructions relating to 5.4.6. That particular section addresses the question ‘ Does the lender accept search insurance and, if yes, what are the lender’s specific requirements? Even though some lenders dictate a blanket refusal of search insurance many lenders will accept depending…
-
What is a 'Reasonable' Leasehold Event Fee?
Skipton Building Society is the latest lender to change their Handbook requirements introducing a reasonableness test when it comes to leasehold event fees. The new instruction at section 5.14.9 reads ‘….event fees must remain at a reasonable level at all times during the lease term’ This begs a couple of questions: “What is an ‘event…
-
Skipton Update Adult Occupier Requirements
Amongst the recent changes to their CML Handbook Part 2 requirements Skipton Building Society have made a change to Section 7.3. That section deals with the question: Does the lender require a consent to mortgage from all occupants aged 17 or over? The old wording used to be: Yes, using our standard Form of Consent,…
-
Skipton make Subtle but Important Change to CML Handbook Requirements
Skipton Building Society conveyancing panel take note. The Society made a recent change to P2 of their CML Handbook. The change was to Section 4.1 The old wording was : The Borrower should provide you with a copy of the valuation. If not, you can obtain a copy from the Completions Team The new wording…
-
Tapping the Untapped Opportunity in Equity Release Conveyancing
Retirees are releasing more money from their properties than ever before, according to the Equity Release Council. Since 2011, the market for equity release in England and Wales has grown 10% year-on-year. In Scotland 2013, it was a whopping 37% increase. Overall UK equity release lending to older homeowners is around £1 billion as over-55s…